CYCLOCOMPUTER MARKET ANALYSIS

Market Size and Trends

The cyclocomputer market is estimated to be valued at USD 585.9 million in 2024 and is expected to reach USD 998.9 million by 2031, growing at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.

Cyclocomputer sales have been rising in the recent past years owing to increasing popularity of cycling activities.

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More and more people have taken up cycling for fitness, recreation, and commuting. This has generated a strong demand for cyclocomputers which help track metrics like speed, distance covered, route navigation, etc. Further, the incorporation of advanced features like heart rate monitoring, voice guidance, and smartphone connectivity in modern cyclocomputers is attracting both amateur and professional cyclists. With growing health and fitness consciousness, the market for cyclocomputers is expected to continue its positive run over the next few years.

Rising popularity of cycling

The demand for cyclocomputers have been on a steady rise over the past few years owing to the growing popularity of cycling, both as a sport and as a lifestyle activity. An increasing number of people across demographics have taken interest in cycling for health, fitness, recreation and commute purposes. With cities becoming more congested and polluted, cycling offers a viable alternative for many to cover short to medium distances within urban localities. Several public initiatives around city infrastructure and road safety improvements have also motivated more individuals to consider cycling.

According to U.S.A Cycling, which is a official governing body for all disciplines of competitive cycling in the United States, in 2022, total membership figures equaled those of 2019, with adult race memberships experiencing a 7% rise as compared to 2021. Looking ahead to 2023, they predict an overall membership increase of 4%, and adult race memberships are expected to further surge by 13% compared to 2022.

Market Concentration and Competitive Landscape

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Staying fit and focusing on health have become dominant themes of our times. With insane work pressure and stressful lifestyles, preventive healthcare through exercise and activity tracking has gained supreme importance. Cycling presents an accessible and effective option to achieve fitness goals and burn calories. At the same time, the desire to closely monitor one's fitness metrics and progress has been amplified by the prevailing health and wellness trend. Cyclocomputers perfectly align with this imperative, allowing cyclists to diligently log vital signs like heart rate, power, speed, etc. and establish benchmarks.

Increasing focus on fitness and health consciousness is driving the demand for cyclocomputers. Many cyclists are interested in monitoring their performance, tracking their workouts, and analyzing data that are related to their cycling activities. Cyclocomputers provide real-time information such as speed, distance, heart rate, and calories burned, thereby allowing cyclists to optimize their training, set targets, and measure their progress towards fitness goals.

According to the National Library of Medicine, in 2022, models indicate that the quantity of health and fitness apps available on the IOS app Marketsurpassed the anticipated growth rate by 29.9% post-pandemic.

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The cyclocomputer market faces several challenges. Advanced technologies are developing rapidly in the sports and fitness industry, allowing competitors to introduce innovative training devices with more comprehensive features than basic cyclocomputers. Rising component costs and global economic uncertainties also make it difficult for manufacturers to price products affordably while maintaining quality and profit margins. Customers increasingly expect seamless connectivity for training data transfer and analysis on mobile apps as well, requiring new research and development expenditures.

Market Opportunities: Integration with smart devices and apps

Cyclocomputers can leverage the growing popularity of smartphones and smart devices by integrating with them. Opportunities exist to develop companion mobile apps and establish seamless connectivity between cyclocomputers and smart devices. This integration can provide additional features, such as synchronized data storage, social sharing, route planning, and personalized coaching, thus enhancing the overall user experience. According to the Institute of Electrical and Electronics Engineers (IEEE) Computer Society, in 2022, the forecast indicates a substantial growth rate of 14%, tripling the number of Internet of Things (IoT) devices globally from 14.4 billion in 2022 to over 29 billion by 2030.

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In terms of connectivity, wireless is expected to contribute the highest share of 78.6% in 2024, owing to rapid technological advancements in connectivity solutions. Wireless cyclocomputers offer the distinct advantage of being hassle-free and convenient to use, as riders no longer have to deal with wires or mess. The compact, lightweight form factor of wireless models makes them extremely easy to mount and operate while cycling. Furthermore, wireless connectivity allows real-time sharing of ride data to apps and syncing with devices, opening up opportunities for social riding experiences and performance tracking over time.

Manufacturers have also enhanced wireless protocols like Bluetooth and ANT+ to offer faster data transfer speeds and more stable connections over longer distances. This has helped address any reliability concerns with wireless connectivity. As a result, wireless cyclocomputers are increasingly becoming the preferred option for recreational as well as serious cyclists looking for convenience without compromising on functionality. Their seamless, linked experience integrating the bike and digital world continues fueling demand.

Insights, By Functionality- Advanced Features Augment the Cycling Experience

In terms of functionality, advanced is expected to contribute the highest share of 59.15% in 2024, driven by riders seeking to maximize their cycling experiences. Advanced cyclocomputers incorporate an extensive array of performance metrics, training tools, and smartphone app connectivity. Beyond the basic metrics of speed, distance, and time tracked by entry-level devices, advanced models provide granular power, cadence, heart rate, gradient, and calorie data. This valuable performance insight allows cyclists to monitor training progress, optimize efficiency, and elevate their fitness to the next level.

Advanced units also feature multi-sport modes enabling their use for other activities like running and indoor cycling. Customized training profiles, route navigation using maps and GPS, live segment timing, and crash detection further augment the riding experience. Advanced apps synchronized with these devices offer cloud uploads of activities and challenges with other cyclists. As a fitness-oriented hobby, many riders are drawn to advanced cyclocomputers for their ability to turn cycling into an immersive, data-driven training experience. Their convergence of technology and sport continues attracting both casual and serious athletes alike.

Insights, By Distribution Channel- Online Channels Optimally Serve Evolving Consumer Preferences

In terms of distribution channel, online is expected to contribute the highest share of 65.38% in 2024, driven by evolving consumer preferences. Cyclists today carry out extensive online research on different models and scour review sites for buying recommendations. Online channels allow easy access to this information from any location, facilitating informed purchase decisions. Furthermore, online retailers stock an extensive variety of brands and models under one virtual roof for convenient comparison and selection.

Multiple payment and financing options coupled with doorstep delivery also make online shopping a hassle-free process compared to visiting brick-and-mortar stores. Many online retailers offer competitive pricing along with bulk discounts and bundled accessory packages for additional savings. Customers additionally appreciate time-saving benefits like the option to test units through lengthy trial periods and easy returns or warranty claims managed online.

As the current generation of digital natives adept at online buying grows, online channels have emerged as the most suitable interface for connecting buyers with desired products. The ability of online platforms to continuously align with flexible lifestyles and transact seamlessly across all touchpoints continues attracting the maximum share of sales in the cyclocomputer market.

Regional Insights

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The North American region currently dominates the global cyclocomputer market and is expected to hold the largest share of 36.78% in 2024. With a strong presence of industry giants like Garmin, Bryton, and CatEye, the U.S. accounts for over 30% of the worldwide sales. The high participation in cycling activities such as road cycling, mountain biking, and triathlons has created a large consumer base in this region. Additionally, the pricing of cyclocomputers in the North American market is relatively higher compared to other regions due to the premiumization trend and brand consciousness of consumers. This allows manufacturers to charge a price premium and boost their profit margins.

The Asia Pacific region is expected to grow with CAGR of 11.58%, especially China, is fast emerging as another attractive market for cyclocomputers. Despite having a large number of local and affordable options, major international brands are rapidly expanding their footprint in the Chinese market. The growing health consciousness among the massive middle class has led to surging interest in cycling. Additionally, the Chinese government is strongly promoting cycling as a commuting alternative to reduce traffic congestion and pollution in metro cities. This has encouraged significant infrastructure development including cycling tracks and bike sharing systems.

Major global manufacturers are taking advantage of the low-cost manufacturing hub in China to cater to the burgeoning domestic and international demand. Several Chinese brands are also gaining recognition worldwide owing to their competitive pricing and continuous innovations. Countries like Taiwan, Japan, and South Korea have also emerged as key exporters of cyclocomputers to various regions due to their electronics manufacturing prowess. The growing exports from the Asia Pacific region indicates its rising clout in the global cyclocomputer market. Its low-cost offerings are finding many takers and challenging the European manufacturers. The Asia Pacific region is undoubtedly the new frontier for immense opportunities and its share in the worldwide cyclocomputer sales will likely overtake North America in the coming years.

Market Report Scope

Key Developments

• In April 2021, Bryton a GPS Cycle Computer company, introduced Rider 15, in a new category of smart bike computers that sits perfectly between a traditional bike computer and a smartphone app with Power On and Go, consistent button behavior and workout tracking, and sharing via the Bryton app. Rider 15 comes with built-in GNSS receiving capabilities for improved accuracy, along with an all-new Heading feature with 16 hours of battery, smart notifications, and support for up to 30 functions.
• In January 2021, Garmin acquired GEOS Worldwide Limited and its subsidiaries, an important provider of response services and emergency monitoring. This acquisition will provide Garmin safety for customers in their adventures and benefit its cycling product portfolio. In 2020, Hammerhead, the company behind the Karoo cycling computer, acquired BOLT, a manufacturer of cycling sensors. This acquisition is aimed to combine the strengths of both companies in hardware and software development, thereby leading to the creation of innovative products and a more integrated cycling ecosystem.

*Definition: The cyclocomputer market consists of electronic devices that are mounted on bicycles to measure and display various ride metrics. Cyclocomputers typically track distance, time, speed, cadence, heart rate, and other useful data to help cyclists monitor their performance. More advanced models provide navigation features using GPS as well. The cyclocomputer market caters to both casual and serious bicyclists looking for an affordable gadget to quantify their rides and improve their cycling experience and training outcomes.

Market Segmentation

• Connectivity Insights (Revenue, USD Mn, 2019 - 2031)
  • Wired
  • Wireless
• Functionality Insights (Revenue, USD Mn, 2019 - 2031)
  • Basic
  • Advanced
• Distribution Channel Insights (Revenue, USD Mn, 2019 - 2031)
  • Online
  • Offline
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Acer Inc.
  • Bryton Inc.
  • CATEYE Co., Ltd.
  • Cycle Parts GmbH
  • Garmin Ltd.
  • Giant Bicycles
  • Giant Manufacturing Co. Ltd
  • Lezyne Inc.
  • MiTAC Holdings Corp.
  • MSW Bicycle Accessories
  • Pioneer Electronics (USA) Inc.
  • Polar Electro Oy
  • SIGMA-ELEKTRO GmbH
  • Stages Cycling, LLC
  • Trek Bicycle Corporation
  • Wahoo Fitness